Tuesday, March 29, 2016

Almost Junk

Chicago had its credit rating cut to the lowest investment grade by Fitch Ratings after the Illinois Supreme Court tossed out Mayor Rahm Emanuel's plan for dealing with the mounting debt to its workers' pension plans.

The two-step downgrade on Monday to BBB-, one rank above junk, affected $9.8 billion of general-obligation bonds and $486 million of debt backed by sales taxes. The company said the outlook is negative, indicating that the rating could be lowered further.

The step follows the March 24 decision by the state's top court to strike down Emanuel's plan, which required the city and employees to boost contributions to the municipal and laborers retirement funds and cut future cost-of-living increases. The court ruled that it violated safeguards to public pensions enshrined in Illinois's constitution, illustrating the difficulty Chicago faces in reducing a $20 billion shortfall in its retirement funds.

If only someone would tell Rahm to stop spending money on the unnecessary trinkets and excess construction while concentrating on vital infrastructure and broadening the actual tax base, things might start to bend upward....or at least slow the descent.

An economic graduate course that should be taught at the University of Chicago, "How Democrats Economically Run a City Into the Ground". The first part of the course will focus on the politics of the city from the mid 1920s to present day. The second part of the course will target financial/economic decision making, its impact on the city finances, wasteful spending, neglect of financial obligations and how the burden of taxation impacts business and citizens. The last part of the course will tie both politics and poor financial/economic decision making together. What better place to teach this course than the U of C where the first nuclear chain reaction occurred. Explosion of the atom, explosion of a city.

Rahm's priorities have been screwed up ever since he started running for mayor.You can't expect a Zebra to change its stripes now.He's a cocky, condescending asshole who does whatever he wants whenever he wants. Yet the Sheeple keep voting for assholes like him and Rauner.

The looting of the treasury is always the last act of tyrants. The people who run this city aren't going to waist money that could go to connected folks on something silly like fixing workers pensions. The pension problem will fix itself in about 6 years. When the fund goes bust the scared and desperate workers & retirees will accept pennies on the dollar and like it. Good luck.

Safe Passage signs at $300 each, Safe Passage crossing guards at hourly rate, bicycle lanes put in to choke traffic, pedestrian crossing signs put in the middle of the street to be hit and turn into metal spikes to damage your cars, money for DePaul to build a stadium, PAYING FOR ALL THE SHOOTING VICTIMS' MEDICAL CARE, paying for a failure of a public school system.

How much more do you want to pay, Chicago? Still voting for the same criminal democrat socialists? Still not willing to try another party? You get the government you deserve.

Speaking of money, you guys will love this idea: "Cities begin to challenge a bedrock of justice: They’re paying criminals not to kill" From the Washington Post: https://www.washingtonpost.com/local/dc-politics/cities-have-begun-to-challenge-a-bedrock-of-american-justice-theyre-paying-criminals-not-to-kill/2016/03/26/f25a6b9c-e9fc-11e5-a6f3-21ccdbc5f74e_story.html?tid=sm_tw

Wait until they do a leaseback of the beat cars, fire trucks, the precinct houses and fire stations.

Then you will know they finished busting out the city, and they are all about to flee to someplace without extradition.

3/29/2016 02:57:00 AMLook at some of the streets and san vehicles,many have out of state plates no city stickers, because they are being leased from out of state, guess they cannot even spend the money in this corrupt city/state/county! doj is here come on now the real criminals city haul,crook county building,state of il buildings come on pull back the curtain so easy to find,and bag!

You can quit whining about your pensions because as long as there are suckers living in Chicago, those taxpayers will be responsible for making you "whole" as they say per the Supreme Court. So please stop whining.

Rahm was placed here to crash everything, just like jug ears was put in place to do the same on a national level. Who the hell can claim residency on the basis of a dress left in a former residence? The fix was in like it was with jug ears' two "elections."

.........When the fund goes bust the scared and desperate workers & retirees will accept pennies on the dollar and like it.............

.........Want to see your pension get flushed in a bankruptcy proceeding?...............

---------------------------------------- HEY - I have been saying these things for a couple of years here now.

You can only play with money you don't have for only so long.

3/30/2016 02:23:00 AMIt would not be "flushed" Detriot coppers got their pensions, but then again would rahm and his crew allow the books to be subject to a forensic federal audit? Don't forget the city still has assets to sell off many airports,bike lanes,trails,maggie daley park, many parks, soldier field the trillions we could have, maybe a fully funded pension and rahm and the crew in shackles now that would be "change we did believe in!"

People don't like coppers yet the real criminals are on Wall St., hedge funds and your friendly bankers. And EVERY presidential candidate is bank rolled by ill gotten gains. Yeah even Trump. The country is run by WHORES and I apologize for giving legitimate whores a bad name. ♠️